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Elder law experts may recommend insurance for the later years

Residents of Texas who are looking into long\-term care planning will be well-advised to take a look at different types of insurance as a major tool in the process. If one consults with an elder law attorney on the subject, the attorney will likely recommend looking into three or four different kinds of policies. One of those is life insurance.

Life insurance is a good way to provide for funeral and burial expenses, along with paying the insured's other debt. However, with a surviving spouse in the picture, additional insurance can be purchased relatively inexpensively to provide for the spouse's expenses after one's death. It may be best to consult with a financial adviser or certified planner to arrive at a coverage amount that will serve the family's purposes adequately.

Another vital kind of protection is disability insurance. This could cover the loss of a pay check in the event of an unexpected and crushing disability that occurs prior to retirement. Importantly, keep in mind that a person will do much better by purchasing a disability policy prior to retirement.

In addition, the sometimes questionable choice of long-term care insurance can in fact be a life-saver if one needs extended care, either at home or in a nursing home or similar institution. The choice is said to be problematic only because it can be prohibitively expensive for some retirees and, in some cases, it may never be used by the insured. Those who can purchase early will be better able to afford this option.

Long-term care insurance should also be discussed with a financial adviser and with one's elder law attorney. Currently, there are hybrid forms of such insurance that may be available. They are usually versatile enough to provide a return to the insured or his or her family in the happy event that no disability or need for extended care arises. When a Texas resident meets with the experts to plan out the insurance strategy, it is important to share all salient details and true needs with them.

Source: usnews.com, "4 Kinds of Insurance That Can Save Your Retirement", Rebecca Lake, Sept. 13, 2016

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